Wednesday, April 24, 2024

FTX: "Sam Bankman-Fried agrees to help FTX investors in lawsuits against Tom Brady, Larry David"

From the New York Post, April 22:

Investors in Sam Bankman-Fried’s bankrupt crypto firm FTX agreed to drop their claims against the convicted fraudster in exchange for his cooperation in lawsuits against other defendants — including celebrities Tom Brady, Gisele Bundchen and Larry David who promoted the company before its stunning collapse.

According to the settlement — filed by a group of FTX investors in Miami federal court Friday — Bankman–Fried would be free of any civil liabilities from the multi-district litigation now and in the future, according to Bloomberg.

As part of the proposed settlement, which still needs approval from a judge, Bankman-Fried has agreed to hand over all nonprivileged documents detailing his assets and his investment in Google and Amazon-backed artificial intelligence startup Anthropic, an affidavit certifying his net worth as negative and documents about other defendants in the lawsuits, Bloomberg reported.

Bankman-Fried is also set to provide the group of FTX investors with any information he can about the accountants, lawyers and venture capital firms that worked with his disgraced exchange, which collapsed in November 2022 after Bankman-Fried swiped user funds to plug an $8 billion debt at sister company Alameda Research.

NFL legend Brady, his ex-wife Gisele Bundchen and “Curb Your Enthusiasm” star David, along with Steph Curry, Shaquille O’Neill and Naomi Osaka had appeared in ads promoting FTX and are fighting lawsuits brought by shareholders....


Prop bet: If President Biden loses his bid for re-election, Bankman-Fried and Pa Bankman and Ma Fried are on the Presidential pardon list. Any takers?